Barclays to cut 5,000 jobs amid AI expansion

Barclays has announced plans to cut approximately 5,000 jobs, representing about 5% of its 93,000 global staff, by the end of 2026. According to Guardian Technology, the bank has already reduced its workforce by 1,000 employees since the start of the year. These cuts are part of an efficiency drive involving organizational simplification and technology changes driven by artificial intelligence.

Approximately 60% of the job losses relate to support functions, including a reduction in developers, as AI increases productivity.

The announcement coincided with an earnings update showing that Barclays' profit after tax grew to £1.65 billion in the third quarter, up from £1.46 billion during the same period a year earlier, according to Free Malaysia Today. Total group income for the quarter rose 3% to £7.37 billion, while revenue from equities increased 47% year-on-year.

Chief executive C.S. Venkatakrishnan described AI as "the icing on the cake" to the bank's technology modernization, noting that the bank has been making deep investments in infrastructure.

Guardian Technology reports that chief financial officer Anna Cross stated the job cuts are part of broader plans intended to save more than £1.1bn in 2027. Following the news updates, the bank's share price saw a slight increase, according to Free Malaysia Today.

Brief written by urgent.news from Punch Nigeria, Punch, Free Malaysia Today, Guardian Technology, Malay Mail — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.